tazytaz
Summary
- Amazon’s sell-off has been overly done, with FQ2’24 still bringing forth robust performance metrics and FQ3’24 guidance implying a profitable growth trend.
- With advertising opportunities growing, international segment returning to profitability, and AWS still market leading, we believe that the stock is extremely cheap at current levels.
- Combined with the healthier balance sheet and raised consensus forward estimates, AZMN continues to offer a compelling Buy opportunity for investors looking to buy the dip.
- While AMZN bulls have continued to defend the $150s/$160s support levels during the market-wide correction, indicators suggest that the pullback may not be over yet.
- We shall discuss further.
We previously covered Amazon.com, Inc. (NASDAQ:AMZN) (NEOE:AMZN:CA) in May 2024, discussing why we had maintained our Buy rating then, thanks to the ongoing cost optimization and intensified investment efforts, or also known as the “Two-Pizza Teams” and “Day 1 Culture,” respectively.
Combined with the raised consensus forward estimates, growing balance sheet, and accelerating advertising opportunities, we believed that the company remained well-positioned for growth.
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